Rewst Raises $31 Million in Series B Funding
Rewst, a specialized automation platform designed for Managed Service Providers (MSPs), has just announced the successful closure of a $31 million Series B funding round led by Meritech Capital. This investment round sees the participation of existing investors, including OpenView, TDF Ventures, and Florida Funders. The influx of funds is earmarked to expedite Rewst’s expansion, enhancing the capabilities of its product, customer success initiatives, educational programs, and Robotic Operations Center (ROC) teams.
Despite a plethora of repetitive processes ripe for automation, MSPs have historically been underserved by traditional Robotic Process Automation (RPA) vendors. The crux of the issue lies in the prohibitively high costs and resource-intensive nature of generic RPA tools, coupled with their inability to cater to the multi-tenancy and native integrations crucial to the IT environments of MSPs.
Founded in 2020, Rewst set out to address these challenges by crafting the first purpose-built automation platform tailored explicitly for MSPs. The platform boasts 45 out-of-the-box integrations with popular products such as Acronis, ConnectWise, Datto, Duo, Huntress, ITGlue, Kaseya, Microsoft, OpenAI, Pax8, and SentinelOne. Rewst’s vendor-agnostic approach enables MSPs to seamlessly connect their entire tech stack. Users can automate end-to-end processes either by leveraging pre-built automations or by visually designing their workflows and forms. Common use cases include user onboarding/offboarding, billing reconciliation, group membership management, MFA alerting, just-in-time admin access, ticket categorization and prioritization, and more.
Dustin Lepi, Automation Engineer at Network IT Easy, attests to Rewst’s impact: “At this point, we’re averaging about 75 to 80 hours of time savings per week with Rewst. That’s 300+ hours saved per month, allowing us to focus on the tickets that need human intervention rather than wading through the endless noise from automated alerts.”
Aharon Chernin, CEO, and founder of Rewst expressed enthusiasm about serving the MSP market: “Since serving the MSP market, they’ve become my favorite market. They know what they need, and they’ll tell you if you ask! Automation is at the top of the list right now. From the beginning, we’ve focused on building not just the best platform for MSPs but a community where users learn from, and support, one another. With this funding, we will continue building out our ROC, training, and product, adding dozens of new integrations and enhancing the workflow-building experience. Rewst will be around for a long time to come, helping MSPs to succeed with automation.”
In less than two years since its inception, Rewst has emerged as the uncontested leader in the MSP automation market. The company boasts a user base of over 700 MSPs, with a robust presence in North America and a burgeoning footprint in the EU and APAC. Recent statistics indicate that in a 30-day period, MSPs utilized Rewst to execute more than 46 million workflows, resulting in self-reported time savings exceeding 251,000 hours. This not only includes manual effort liberated by automation but also addresses high-hanging fruit previously overlooked due to the manual labor required. Beyond time savings, MSPs leveraging Rewst benefit from consistent service delivery, reduced technician burnout, and heightened customer satisfaction.
Alex Clayton, General Partner at Meritech Capital, expressed excitement about the partnership, stating, “We’re excited to partner with Aharon and the entire Rewst team. The tailwinds behind Rewst in the MSP space are massive; the technology surface area is growing, and MSPs are forced to do more with less. Automation is the key to unlocking efficiency, happy customers, and increased bottom lines. We spoke to many Rewst customers, both large and small, and the feedback was resoundingly positive. Rewst’s platform has become a no-brainer purchase for MSPs, and their pace of product development is unlike anything in the market today. This has created a vibrant community around the company. Additionally, we get excited about founders who are uniquely positioned to win a market, and Aharon represents that perfectly as someone who has seen this problem firsthand in the MSP space.”
